The global
fire safety equipment market size was estimated at USD 46.59 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4 per cent from 2022 to 2030. The major reasons that are driving the growth of
fire safety equipment market are rising demand in industries such as utilities, automotive, manufacturing, energy and power, petrochemical, oil and gas exploration, mining and construction. “Countries like India have implemented stringent regulations, which mandated the installation of fire safety equipment in the residential, industrial and commercial sectors”, says Vikram Aggarwal, CEO, Redherring Plast India.
Increasing Awareness among People
Reconstruction activities along with the implementation of safety codes against fire protection positively impacted the market growth. Advancements in technology, including wireless alarm systems, smoke detectors and water mist technology will further boost the growth. The rise in awareness regarding fire safety equipment and the dangerous outcomes is expected to propel the market growth.
New Players in the Market
With the escalation of competition as a result of entry of small domestic players as well as large multinational firms in the market, innovation and product distinction are going to be of primary importance over the next five years. Many companies are involving in Indian market out of which some of the prominent companies are Honeywell Automation India Limited, Siemens India, Ceasefire Industries Limited, Safex Fire Service Limited and New Age Fire Protection Industries. These companies are contributing the market share of more than 25 per cent in total fire safety equipment market.
Fire Safety Equipment getting Smarter
Transition towards the installation of technologically advanced fire detection systems and eco-friendly fire suppression agents is supporting in the development of the market. Advent of smart fire suppression and detection systems, proliferation of Internet of Things (IoT) for the wireless integration of such systems, enforcement of various safety and building codes and increasing fire safety expenditure by enterprises are among several other factors responsible for market growth.